Financial Services Sector
Massachusetts financial services firms are a key pillar of the state’s economy. Indeed, the financial services sector is the top contributor to Gross State Product (GSP) of the five most clearly defined sectors and a major provider of jobs, tax revenue, and financing for business growth.
Mass Finance—our shorthand for the full range of businesses in financial services—represents a remarkable portfolio:
From community banks lending to small businesses…to venture capital and private equity funding the innovations in life sciences and technology…to global asset managers, mutual funds and insurance companies investing money and managing risk for businesses, institutions and individuals, in the region and around the world.
The opportunity for growth lies in helping to solve national—and global—retirement savings and risk management challenges as people live longer and need more savings and better investment choices—and institutions, businesses and government need more sophisticated ways to manage risk.
- Mass Finance supports close to 170,000 direct jobs, including a leading share of middle-income, middle-class positions in our companies.
- Boston and the state’s financial services sector, which was the founder of venture capital and mutual funds, continues to be a national leader in these areas, as well as in asset management and insurance, and a surprising and growing competitor with Connecticut in hedge funds.
- Mass Finance is the region’s window on the world. Along with our universities and teaching hospitals and our reputation for innovation, the sector is our most significant global network as our firms are hired by China and other countries to manage their new assets.
Boston Financial Services Leadership Council
The Boston Financial Services Leadership Council (BFSLC) brings together CEOs and senior executives from the Boston financial services community with academic partners to raise the visibility of the sector in Massachusetts by highlighting the sector’s economic impact in the state and its role as a retirement thought leader. The Council’s initiatives are organized and facilitated by Mass Insight Global Partnerships and Rasky Baerlein Strategic Communications (RBSC).